MLS


Broker Syndication Authorization

Data Integrity Standards

DataShare Area Coverage Map

Free IDX Link

ListHub

Matrix Information

MLS Fillable Disclosure Addendums

MLS Forms

MLS Rules

MLS Rules Changes

MLS Rules: Citation Policy

Neighborhoods/Areas/Tract Codes

Santa Clarita Area Letter

Santa Clarita Caravan Schedule

Sign Ordinance

Statistics



Advertisement
 

Advertise With Us!
Home > MLS > Statistics > Press Release

September 2015 (SFV)

San Fernando Home, Condo September Sales Defy Seasonal Patterns to Post Higher Totals

The San Fernando Valley’s home resale market ignored typical seasonal trends during September to post an 18.5 percent increase in home sales and a 24.7 percent jump in condominium closed escrows with the summer’s upbeat activity likely to continue well into the fall, the Southland Regional Association of Realtors reported on Monday, Oct. 26.

A total of 582 single-family homes closed escrow across the Valley, up 18.5 percent from September 2014. Typically, a seasonal slowdown begins to appear in September as vacations end and schools reopen; yet this year sales increased slightly from August with pending sales — a measure of future activity —9.5 percent higher than a year ago.

Similarly, Realtors helped close escrow on 207 condominium transactions, up 24.7 percent from 12 months ago and 10.1 percent ahead of this August. It was the third month this year that condo sales exceeded the 200-sale benchmark, a pattern not seen since 2013 when seven months of that year where higher than 200 sales.

“It’s been a remarkably strong local market,” said Gaye Rainey, president of the 9,100-member Southland Regional Association of Realtors. “We’re not seeing any slowdown, which is unusual for this time of year. Inventory is way down, so that most likely will apply a brake to activity.”

Rainey said it’s too soon to say if the recent implementation of new federal disclosure rules is having an impact on local home and condo transactions. The rules require use of new forms and mandate specific time periods when they must be provided to consumers.

“Most likely the new rules will not have an impact on the buyer or seller’s side if agents anticipate issues and deal with them in a timely manner,” Rainey said. “Lenders say you can count on escrows closing in 45 days, but there are still some lenders who say a closing within 30 days is still possible. So, we’re telling agents if they look for escrow to close within 40 days they should be fine.”

Rainey and Link cautioned parties to a sale to be particularly wary of repairs or changes coming toward the anticipated close of escrow. In some instances, changes may trigger new three-day waiting periods during which time the other party has the right to accept or reject the changes, thus potentially delaying the closing.

Link said the unseasonably heavy sales activity might be partly in reaction to anticipated increases in interest rates on home loans, which remain near historically low levels.

The market is busy “due to low rates and the threat of rate hikes, reasonably strong confidence in the economy, and the fact that most owners now are in an equity position so those who are selling no longer have to consider a short sale,” Link said. “Also, refinancing is very strong as more owners decide to improve their residence and stay put, but the decision to stay in place contributes to no inventory.”

The inventory of homes listed for sale on the Multiple Listing Service operated by the Association continued to dwindle with the 1,728 active listings off 6.7 percent from a year ago. At the current pace of sales, that inventory represents a 2.2-month supply, compared to the 2.8-month stockpile of September 2014 and the 6-month supply deemed to represent a balanced market.

The single-family median price of $555,000 was up 3.7 percent from September 2014, but down 4.3 percent from this August. The median peaked in July at $600,000, a number not seen since 2007.

The condominium median price of $346,000 increased 9.8 percent compared to 12 months ago, but fell 6.5 percent from this August when it hit $370,000, the highest median since November 2007.

Distress sales? There were 18 foreclosure-related sales last month, accounting for a mere 2.3 percent of the market; 31 short sales for a 3.9 percent market share; and 735 standard sales or 93.0 percent of total September activity.

The Southland Regional Association of Realtors® is a local trade association with more than 9,100 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.

- 30 -

 



   © 2020 Southland Regional Association of REALTORS®      Contact Us    |     Suggestions/Feedback    
Affiliates
Affiliate Benefits
Affiliate Member Lookup
Affiliate With Us
Sponsorship Opportunities
Community
Contribute to HAF
Going Green
Governmental Affairs
Homebuyer Grants
Events/Education
AREA Marketing Meetings
Calendar
Commercial Data Exchange
Leadership Institute
Online Ed
Sponsorship Opportunities
Webinars and Videos
Links
California Association of REALTORS®
California Bureau of Real Estate
Los Angeles County Business Federation
Los Angeles County Housing Resource Center
Los Angeles Housing Department
Los Angeles Neighborhood Councils
National Association of REALTORS®
Santa Clarita Valley Chamber of Commerce
The City of Los Angeles
The City of Santa Clarita
The Valley Economic Alliance
United Chambers of the San Fernando Valley
Membership
Application for Committees
Applications and Forms
Code of Ethics Requirement
Farming & Resource Materials
Member Benefits
Membership Resources
Outreach
REALTOR Action Fund
REALTOR Safety
Risk Management
MLS
Broker Syndication Authorization
Data Integrity Standards
DataShare Area Coverage Map
Free IDX Link
ListHub
Matrix Information
MLS Fillable Disclosure Addendums
MLS Forms
MLS Rules
MLS Rules Changes
MLS Rules: Citation Policy
Neighborhoods/Areas/Tract Codes
Santa Clarita Area Letter
Santa Clarita Caravan Schedule
Sign Ordinance
Statistics
Services
Advertise With Us
Auditorium Rental
Consumer Complaint Process
Print Shop
Professional Standards
R.E. Store
Tech Support Helpline
Tech Support Videos
Veterans
Privacy Policy  |  Accessibility